World Demand and OPEC’s cuts Mean High Gas Prices for 2005
The price of oil in 2005 will be volatile, says a University of Alabama engineering professor. The Organization of the Petroleum Exporting Countries, known as OPEC, recently announced a one-million barrel a day cutback in production, which, if enforced, should keep the price above the old target price of about $25 a barrel, according to Dr. Peter Clark, associate professor of chemical and biological engineering at UA.